COMMERCIAL REAL ESTATE'S ECONOMIC ADVISORS

After months of gradual cooling, CPI’s shelter index nearly doubled its monthly pace in April.

This week’s Rental Housing Weekly Briefing examines the latest Senior Loan Officer Opinion Survey alongside the April jobs report, highlighting stable multifamily credit conditions, improving borrower demand, and a cooling but resilient labor market.

April's jobs report had a muted effect on interest rate projections. Looking further out, however, markets are more split.

Housing insecurity levels in NYC exceed the national average, while racial disparities are wider.

NYC renters still pay far more than the national average, but the size of that premium has changed significantly over the past decade.

This week’s Rental Housing Weekly Briefing examines slowing multifamily rent growth alongside moderating home price appreciation, highlighting a housing market moving through a period of low growth and gradual rebalancing.

NYC rent growth remained stronger than the national trend in March, with Manhattan leading annual gains and momentum showing increasing divergence across boroughs.

National rents rose 1.2% year-over-year in February, down from 1.4% in January and 1.6% in December, marking a continued slowdown from the modest re-acceleration observed in late 2024. While rent growth remains positive, the trend has clearly softened, reflecting ongoing supply pressures and a normalization in demand following the post-pandemic surge.

This week’s Rental Housing Weekly Briefing examines apartment market conditions via NMHC’s latest quarterly survey, alongside new Chandan Economics-RentRedi data showing continued improvement in mom-and-pop rent collections.